Russian government might allocate $5.14 bln to support oil companies

June 19/ 15:15

Moscow. The Russian government is discussing the possibility of introducing a refundable excise tax on oil with an increasing coefficient for oil plants located far from export markets - in the Volga region, the Urals and Siberia. For these purposes, it is planned to allocate $5.14 bln, RBC wrote referring to sources in the government.

Refundable excise duty is expected to compensate the factories for the absence of subsidies for a tax maneuver - increasing the mineral extraction tax and reducing export duties. The increasing coefficient will replace the customs subsidy, offsetting the transportation costs of factories located far from the borders, reports TASS.